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growers-want-wider-powers-20090724-dw9h.html

Timbercorp growers want wider powers
Philip Hopkins
July 25, 2009

TIMBERCORP almond growers will push to widen the financial powers of a new responsible entity for the almond schemes in resolutions tabled for a special growers meeting next Friday.

The growers are not yet ready to recommend the appointment of a new responsible entity, but will instead urge an extraordinary resolution to choose a company to take over the role.

Align Funds Management has put forward an asset-swap deal for some of the almond investors involving the listed Timbercorp Primary Infrastructure Fund, but is not mentioned by name in the resolutions.

The resolutions recommend that the schemes be continued and that they should be restructured to either convert growers' interests to some form of ownership or issue listed or unlisted securities in exchange for growers' interests.

Timbercorp liquidators KordaMentha and Timbercorp grower groups agreed on the special meeting after several days in the Supreme Court last week. KordaMentha had sought a court order to wind up the schemes, but this was opposed by the Timbercorp investors committee.

It is expected that the deal will also give the go-ahead to the urgent pollination of almost 12,000 hectares of almond trees — a process that involves 1.6 billion bees at a cost of $3.4 million. The trees will not produce a crop next year unless they are pollinated.

The almond growers meeting will be held at Etihad Stadium on Friday. A special meeting for olive growers will be held on August 17.